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3rd Annual GCC Regulators' Summit

3rd Annual GCC Regulators' Summit. Capital Raising in the GCC: Practical Challenges and Regulatory Issues. Overview. IPOs Book-Building in the GCC Public Company Takeovers Regulatory Harmonisation. IPOs. Regulatory Restrictions:

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3rd Annual GCC Regulators' Summit

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  1. 3rd Annual GCC Regulators' Summit Capital Raising in the GCC: Practical Challenges and Regulatory Issues

  2. Overview • IPOs • Book-Building in the GCC • Public Company Takeovers • Regulatory Harmonisation

  3. IPOs • Regulatory Restrictions: • Are there aspects of the existing regulatory framework which inhibit IPOs in the GCC? • Foreign Institutional Investors: • Is greater foreign institutional investor participation required in IPOs? • What measures can be taken by stock exchanges and regulators to foster this?

  4. Book-Building in the GCC • International Practice: • Is book-building based on international practice a good model for the GCC? • Is the practice followed in Saudi Arabia a better model? • Recent Regulatory Initiatives in Book-Building: • What impact could the recent regulations issued by ESCA on book-building have for IPO's in the UAE and competition amongst stock exchanges in the GCC?

  5. Public Company Takeovers • Takeover Regulations: • Is there a need for clear takeover regulations throughout the GCC to protect investors in listed companies? • Compulsory Transfers: • Should GCC regulators consider rules allowing bidders to buy out minority interests?

  6. Regulatory Harmonisation • GCC Market Alignment: • Should there be greater harmonisation in the regulations amongst GCC markets to make capital raising more efficient (i.e. alignment of listing/disclosure standards, passporting of offer documents, consistency in the categories of exempt offers etc.)?

  7. Conclusions

  8. Herbert Smith LLP • Rajeev Dewan • Senior Associate, Corporate • T: +971 4 428 6365 • E: rajeev.dewan@herbertsmith.com • Contacts • Stephen Rayfield • Partner, Corporate • T: +971 4 428 6306 • E: stephen.rayfield@herbertsmith.com Offices Dubai Herbert Smith LLP Dubai International Financial Centre Gate Village 7, Level 4 P.O. Box 506631 Dubai, UAE T: +971 4 428 6300 Abu Dhabi Herbert Smith LLP Suite 302 Level 3 Al Bateen Towers C2 Building Al Bateen, P.O. Box 106178 Abu Dhabi, UAE T: +971 2 412 1700 Jeddah, Dammam and Riyadh (Hebert Smith Associated firm) Al Ghazzawi Professional Association T: +966 2 6531576 (Jeddah) +966 3 8331611 (Dammam) +966 1 4632374 (Riyadh)

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